QR codes have become a part of everyday life thanks to the pandemic, but soon we’ll be using them for much more than just checking in. Eftpos announced earlier this year it would be launching a QR code payment system in Australia and we now have some more details about the new platform.
Eftpos’ new payment system, dubbed eQR, has come a long way since its announcement in February.
eQR recently received the backing of some of the biggest banks and merchants in Australia. Commonwealth Bank, National Australia Bank, Coles, Woolworths, Azupay, Beem It and Merchant Warrior have all partnered with Eftpos to support the rollout of the system.
Eftpos CEO Stephen Benton said the eQR system comes at the right time as Australians have already become accustomed to QR code technology.
“We expect eQR will quickly become the QR equivalent of eftpos Tap & Pay on debit cards. COVID has changed customer behaviour and Australians are now ready for the enhanced payment experience offered by eQR. It is great to have the support of iconic brands like Commonwealth Bank, National Australia Bank, Coles, Woolworths, Azupay , Beem It and Merchant Warrior as we roll this out across the country.”
So, what are the benefits of a QR code payment system?
The idea is that it will streamline the payment process by allowing users to link their card details to a digital wallet and then complete a secure digital payment by scanning a merchant’s unique QR code.
This will apply to mobile, online or in-person checkout payments.
It’s also designed to be integrated with things like loyalty programs which should reduce the need for scanning additional cards.
“The eQR platform aims to provide better experiences for consumers and merchants through added security, loyalty, offers and digital receipts, no matter where they choose to shop – online, on their mobile or at the checkout,” Benson said.
When will eQR be implemented?
Having been in the pipeline for months now it looks like we could see the eQR system integrated into our lives before the end of the year.
Eftpos apparently completed the first stage of its eQR build in July 2021 and is currently in trial with multiple Australian merchants.
The latest release said we could expect the rollout of Eftpos’ QR code payment system by Christmas.